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Catallactics

Catallactics is a theory of the way the free market system reaches exchange ratios and prices.[1][2][3][4] It aims to analyse all actions based on monetary calculation and trace the formation of prices back to the point where an agent makes his or her choices.[5] It explains prices as they are, rather than as they "should" be. The laws of catallactics are not value judgments, but aim to be exact, empirical, and of universal validity. It was used extensively by the Austrian School economist Ludwig von Mises.[6]

Etymology[edit]

The term catallactics or catallaxy, respectively, comes from the Greek verb καταλλάσσω which means to exchange, to reconcile.[7][8]

Price signal

Catallaxy

Henry Dunning Macleod

(1979). What Should Economists Do?. Indianapolis, IN: Liberty Press. pp. 19 – via Internet Archive.

Buchanan, James M.

(1992). "I did not call him "Fritz": Personal Recollection of Professor F. A. v. Hayek". Constitutional Political Economy. 3 (2): 134. doi:10.1007/BF02393117.

Buchanan, James M.

Chafuen, Alejandro (24 December 2022). . Forbes. Retrieved 3 October 2023.

"The Free Economy As A Gift From God"

(1968). The Confusion of Language in Political Thought. London: Institute of Economic Affairs. pp. 28–31. Retrieved 29 September 2023.

Hayek, F. A.

(1978). "The Confusion of Language in Political Thought". New Studies in Philosophy, Politics, Economics and History of Ideas. London and Chicago: Routledge and University of Chicago Press. pp. 90-92 – via Internet Archive.

Hayek, F.A.

(1988). Bartley III, W. W. (ed.). The Fatal Conceit: The Errors of Socialism (The Collected Works of F. A. Hayek). Vol. 1. Chicago: The University of Chicago Press. pp. 111-112 – via Internet Archive.

Hayek, F. A.

(1960). The Economic Point of View: An Essay in the History of Economic Thought. Kansas City: Sheed and Ward, Inc. pp. 72-73.

Kirzner, Israel M.

(May 1951). "Schumpeter's Economic Methodology". Review of Economics and Statistics. 33 (2): 145–151. doi:10.2307/1925877. JSTOR 1925877.

Machlup, Fritz

(1896). The History of Economics. London: Bliss, Sands and Co. pp. 108-110 – via Internet Archive.

Macleod, Henry Dunning

(1891). Principles of Political Economy. New York: Scribner.

Perry, Arthur Latham

Plough, Patrick (1842). . London: Joseph Masters – via Google Books.

Letters on the Rudiments of a Science, called, formerly, improperly, Political Economy, recently more pertinently, Catallactics

(1903). "Ad Valorem". "Unto This Last": Four Essays on the Principles of Political Economy. London: George Allen. p. 132. Retrieved 5 October 2023 – via Internet Archive.

Ruskin, John

, ed. (2014). "catallactics". Black's Law Dictionary (10th ed.). St. Paul, MN: Thomson Reuters. p. 263 – via Internet Archive.

Garner, Bryan A.